Almost every business that has been through a serious loss says the same thing afterwards: we thought we were covered. They were covered. They were covered for an amount set years ago, against costs that have since moved, with a restoration period somebody guessed at and nobody revisited.

Underinsurance is not discovered at renewal. It is discovered on the worst day of your business life, when the gap becomes the amount you personally have to find. An hour spent on this now is the cheapest insurance you will ever buy, and it costs nothing but the hour.

Get your actual policy, the declarations pages included, not the certificate your landlord has. The certificate shows that cover exists. The declarations show how much and on what basis.

You are comparing two columns for every category: what you are insured for, and what it would cost to replace or carry today. Not what you paid in 2019. Today, with today’s prices and today’s building code.